Blantyre, February 1, 2019: The Reserve Bank of Malawi (RBM) Governor, Dr. Dalitso Kabambe says the bank has performed tremendously in all its 2018 strategic priorities.
The governor told the press Wednesday in Blantyre that among others, the central bank maintained and sustained stable exchange rate and ensured sound robust and resilient financial sector.
“The single digit inflation throughout 2018 has been on 9.2 percent against the target of 9.5 percent. We wanted to see diaspora remittances increased from 38 to 200 million dollars and I am happy to tell you that as of December, 2018, 186 million USD had been generated.
“There was also increased number of bank accounts and customers from 1.4 million to 2 million. Counterfeit currency was reduced by 57.0 percent from December 2017. The accumulated counterfeits were also less that the internationally acceptable threshold of 7 percent on cash in circulation,” said Kabambe.
He then said in collaboration with other law enforcement agencies, the bank successfully prosecuted and won through the courts a total of 28 cases involving illegal foreign exchange externalization, transfer pricing and counterfeit currency. An equivalent amount of K587.7 million was returned to the government.
As a measure to fight against counterfeit currency, Kabambe also launched Malawi Kwacha Smartphone Application which he indicated would help safeguard the integrity of the Malawi’s currency.
He said last year alone, a total of 1,757 pieces of fake notes were recorded and if the malpractice continues, there will be losses in business on a personal level.
“The bank decided to develop the application to enable technology users such as youngsters verify the authenticity of Malawi Kwacha in their offices, homes, business premises or wherever they are.
“We believe that the application will go a long way in making the public aware of the security features of the Malawi Kwacha at their own convenience and assist in timely detection of the counterfeit currency before it changes hands,” said the Governor.
Categorized as look, tilt and feel features, the App can explain what security features to look for on a bank note and how they work among others.